Victoria Commercial Bank Ltd is a mid-sized commercial bank, with its offices in Upper Hill, Nairobi Kenya. The company was initially licensed in 1987 as a finance company and opened its doors for business in October of the same year. In the first financial year, the asset base stood at Kshs. 124 Million, which was then regarded as a sound base for takeoff into the future. The deposits then stood at Kshs. 113 Million which reflected the confidence the market had in the Bank.
With growth came changes, and these were well managed by a small group of individuals who wanted to grow with the business. Determination, hard work and a continued effort to survive in the increasingly competitive environment turned into a promising future when the finance company was successfully converted to a fully-fledged bank in April 1996. In July 2002, the bank relocated its premises to the current offices at Victoria Towers, where it operates as a medium size corporate bank with total of 72 staff. The asset base as at December 2014 stood at Kshs. 17.2 Billion while the deposit base stood at Kshs. 12.3 Billion, which shows a steady growth over the years.
The Bank’s has posted strong performance over the years which have not gone unnoticed. The Bank was awarded the 3rd Best Bank in Kenya by Market Intelligence Banking Survey in 2008. The Bank has subsequently been ranked top amongst its peers. Most recently, consulting firm, RSM Ashvir, once again ranked Victoria the 3rd Best Bank out of the 43 banks in Kenya during its 2013 Kenya Banking Industry Survey.
In May 2011, the Bank opened its first Branch in the Westland’s suburbs of Nairobi, along Riverside Drive, to cater for its clients based on the western part of Nairobi County. The branch has now been relocated to Fortis Tower Westlands Nairobi; It has been operational since 1st September, 2015. The Bank has also opened a third branch in Industrial Area located at Lunga Lunga Square Mall along Lunga Lunga Road.
In the year 2012, the Bank changed from a Private Company to a Public Company (Unlisted) to pave way for the rights issue and private placement offer in order to increase the share capital as well as have a broader shareholder base. The Bank successfully raised its paid up capital by Kshs 183.5m with a premium of Kshs 374m; a total of Kshs 557m was injected into the company. As at close of FY2012, total shareholders’ funds stood at Kshs 2.0 Billion. The higher capital base has supported the bank’s above industry growth in the last three years.